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I am trying to understand what is Hex Prefix as specified in the Yellow Paper(Appendix C), I don't see a similar reference in the whitepaper, but thank's to this awesome medium post I think I got it, but can somebody please correct me if I am stating anything incorrectly or anything I should add, Thanks in advance for the help. My thoughts on HexPrefix and it's relation to the overall picture in Italics below:

Hex Prefix is an encoding of the "Path" to a given value, in Plain English, it means that hey I know a way to get to this house and here is the map. HP enables to efficiently store the path (aka Map). I think of this as the "Key" in the {Key, Value} pair and hence the Ethereum in a very simple way can be looked at an ever-growing list array of tuples of {HP, RLP} where HP is Hex Prefix and RLP Apdx B Yellow Paper, hence:

World State = [ {hp1, rlp1}, {hp2, rlp2}, {hp3, rlp3} ]

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